In­dian Fash­ion Mar­ket Grows at 15 Per Cent

Apparel - - Market Watch -

In­dia’s fash­ion mar­ket is pro­jected to grow at 15 per cent com­pound an­nual growth rate (CAGR) till 2022, with mo­bile plat­forms be­ing ex­pected to in­flu­ence more than two-thirds of both ap­parel and fash­ion ac­ces­sories pur­chases. The coun­try has emerged as one of the world’s fastest-grow­ing fash­ion mar­kets over the past few years.

Grow­ing pen­e­tra­tion of the in­ter­net, so­cial me­dia and e-com­merce is now pro­vid­ing con­sumers in Tier II and be­low cities in­creased ac­cess to brands and prod­ucts. New op­er­at­ing mod­els such as om­nichan­nel and as­sisted e-com­merce could fur­ther fuel growth and adop­tion of on­line com­merce. With re­duced at­ten­tion spans, in­creased con­nec­tiv­ity and ac­cep­tance of new tech­nol­ogy, con­sumers are de­mand­ing ev­ery­thing with lim­ited ef­fort at the click of a but­ton and any change in ex­pec­ta­tions can cause them to aban­don the pur­chase jour­ney.

In the ap­parel cat­e­gory, 19 per cent of con­sumers drop out due to fric­tion, and more than two-thirds of this fric­tion is caused by the me­dia. Mo­bile-en­abled pur­chase jour­neys of ap­parel are 14 per cent shorter than off­line jour­neys, while that of fash­ion ac­ces­sories is 25 per cent shorter than off­line. Mo­bile could help ap­parel brands to tap into po­ten­tial sales op­por­tu­nity by re­duc­ing me­dia fric­tion.

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